Investment Bank Greenhill & Co. Takes 78K SF in Midtown
The bank signed a more than 15-year lease for the entire 20th and 21st floors of the 48-story tower, also known as the Time & Life Building, between West 50th and West 51st Streets, a source with knowledge of the deal said. Asking rent was more than $100 per square foot, according to the source.
Greenhill—which has more than a dozen locations around the world including outposts in Tokyo, Madrid and Hong Kong—will move from its current offices at 300 Park Avenue between East 49th and East 50th Streets to 1271 Avenue of the Americas in 2020, a Rockefeller Group spokesman said.
The deal was first reported by Crain’s New York Business.
Michael Geoghegan, Andrew Sussman and Peter Gamber of CBRE represented Greenhill in the deal. Rockefeller Group’s Ed Guiltinan and Jennifer Stein handled it in-house along with CBRE’s Mary Ann Tighe, Howard Fiddle, John Maher, Evan Haskell and Dave Caperna. A spokeswoman for CBRE did not immediately respond to a request for comment.
The 2.1-million-square-foot 1271 Avenue of the Americas was built in 1959 and left vacant in 2016 when Time Inc. ditched it for Brookfield Place. Soon after, the Rockefeller Group started a $600 million renovation of the building.
Greenhill took the last two full-floors remaining in the property and the deal brings it to 98 percent leased, with only about 40,000 square feet left, according to the Rockefeller Group.
“Over the last three years, our team has worked with world-class architects, engineers, contractors, and tradespeople to reintroduce this iconic piece of the fabric of Midtown to the New York business community and the response has been nothing short of phenomenal,” Daniel Moore, the president and CEO of Rockefeller Group, said in a statement. “With Greenhill, we’ve completed the journey from 100 percent vacant to nearly 100 percent leased in less than 18 months.”